TORONTO, March 30 /CNW/ - Firm Capital Mortgage Investment Trust (the "Trust") (TSX: FC.UN) announced that, as its existing rights plan will terminate on April 26, 2009, the Board of Trustees (the "Board") of the Trust has adopted a Unitholder Rights Plan (the "Rights Plan") effective as of the termination of the existing plan. The purpose of the Rights Plan is to provide all Unitholders with an equal opportunity to share in any premium paid and to participate on an equal basis upon an acquisition of control, and to allow both the Unitholders and the Board adequate time to assess a take-over bid made for units of the Trust and to allow a reasonable period of time for the Board to explore and develop alternative courses of action in an attempt to maximize Unitholder value. The Rights Plan was adopted in anticipation of the termination of the existing rights plan and was not adopted in response to, or in anticipation of, any pending, threatened or proposed acquisition or take-over bid.

At the Trust's annual and special meeting scheduled to occur on May 20, 2009, Unitholders will be asked to ratify the adoption of the Rights Plan. To be effective, this resolution must be passed by at least a majority of the votes cast by (a) all Unitholders and; (b) all Unitholders other than (i) any Unitholder that, directly or indirectly, on its own or in concert with others, holds or exercises control over more than 20% of the outstanding voting shares of the Trust, if any; and (ii) the associates, affiliates and insiders of any Unitholders referred to in (i) above ("Independent Unitholders"). As of the date hereof, the Trust believes that all Unitholders are Independent Unitholders. If the Rights Plan is not ratified by Unitholders, the Rights Plan will terminate at 5:00 p.m. (Toronto Time) on the date of the meeting. A copy of the Rights Plan will be available on the SEDAR website at www.sedar.com.

About the Trust

The Trust, through its Mortgage Banker, Firm Capital Corporation, is a non-bank lender providing residential and commercial short-term bridge and conventional real estate financing, including construction, mezzanine and equity investments. The Trust's investment objective is the preservation of Unitholders' equity, while providing Unitholders with a stable stream of monthly distributions from investments. The Trust achieves its investment objectives by pursuing a strategy of growth through investments in selected niche markets that are under-serviced by large lending institutions. Lending activities to date continue to develop a diversified mortgage portfolio, producing a stable return to Unitholders. Full reports of the financial results of the Trust for the year are outlined in the audited financial statements and the related management discussion and analysis of Firm Capital, available on the SEDAR website at www.sedar.com.